CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of three multifamily properties totaling 295 units in Corpus Christi. The complexes include the 96-unit Woodlake Apartments at 1901 Rodd Field Road; the 89-unit Bluff Manor Apartments at 2360 Waldron Road; and the 110-unit Country Estate Apartments at 3720 Brookside Drive. Jeff Smith of Marcus & Millichap marketed the assets on behalf of the seller, a limited liability company, and also procured the buyer, another limited liability company.
Multifamily
DENVER – A joint venture between Griffis Residential and PCCP LLC has acquired the 288-unit City Lights apartments in Denver for $40.8 million. The Class A community is located at 325 N. Sable Blvd. in the Aurora submarket, near the Fitzsimons Medical Campus. The apartment complex has been renamed Griffis Fitzsimons South. Griffis will also manage the community. This is the joint venture’s fifth transaction.
BAL HARBOUR, FLA. — A group of banks led by HSBC Holdings PLC has provided a $332 million loan to Consultatio, an Argentine development firm led by Eduardo Costantini. The loan will be used to finance the construction of Oceana Bal Harbour, a 28-story, 240-unit luxury residential tower at 10201 Collins Ave. in Bal Harbour, a village community 12 miles northeast of Miami. The tower is slated for a 2016 completion. Units at Oceana Bal Harbour are selling at an average price of $1,875 per square foot with prices ranging from $3 million to $30 million. Total sales are projected to be in the $1.2 billion to $1.3 billion range. Amenities of the new community will include underground parking, a private poolside restaurant, lap pool and leisure pool with cabanas, movie theater, children’s playroom, fitness center, 24-hour concierge, two tennis courts and a wine cellar.
UNIONDALE, N.Y. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has funded 13 loans totaling $43.7 million for multifamily communities in the Southeast. Stephen York of Arbor’s New York City office originated all of the loans, several of which were Fannie Mae loans. The financing included: · a three-year, $10.8 million acquisition loan for a 392-unit unnamed community in Montgomery, Ala. · a seven-year, $7.9 million acquisition loan for the 344-unit Sunrise Point Apartments in Birmingham, Ala. · a two-year, $4.6 million acquisition loan for an unnamed 172-unit property in Gainesville, Fla. · a 10-year, $2.1 million loan for the 48-unit 1720 Cleveland Street Apartments in Hollywood, Fla. · a 12-year, $2 million loan for the 30-unit Gardens at Stirling Apartments in Davie, Fla. · a 30-year, $1.4 million refinance loan for the 64-unit Winter Garden Apartments in Winter Garden, Fla. · a seven-year, $3.5 million loan for the 150-unit Keystone Landing Apartments in Memphis, Tenn. · a 10-year, $3.4 million refinance loan for the 58-unit Hearthstone Apartments in Blacksburg, Va. · a 10-year, $2.7 million loan for the 56-unit Colonial Point Apartments in Gloucester, Va. · a 10-year, $1.8 million refinance loan for …
EVANSTSON, ILL. — Sperry Van Ness has arranged the sale of 26 of 49 bulk condominium units in Evanston, a northern suburb of Chicago. The 26 units, which total 37,310 square feet, sold for $7.25 million. The condominium property is located at 1228 Emerson St. Jim Sears of Sperry Van Ness represented the seller, Bluewater Group. Reid Bennett also of Sperry Van Ness represented the undisclosed buyer.
CHICAGO — Marcus & Millichap has arranged the $1.9 million sale of a 49-unit apartment property in Chicago. The property is located at 4408-4414 S. Drexel Blvd. The building consists of studio, one- and two-bedroom apartment units. Greg Gonzalez of Marcus & Millichap represented the seller, a private investor as well as the buyer, a limited partnership.
NEW YORK CITY — Meridian Capital Group has arranged $58.6 million in acquisition financing for a multifamily property located in Manhattan’s Financial District. The borrower, San Francisco-based Carmel Partners, acquired 15 Cliff Street, an apartment building with 156 units and ground-floor retail space. The seven-year mortgage, which was provided by a regional balance sheet lender, features an interest-only component and a floating rate that was swapped to a fixed rate for a portion of the term. Aaron Birnbaum of Meridian’s New York office and Seth Grossman of the company’s Carlsbad, Calif., office negotiated the transaction.
IRVING, TEXAS — Full-service brokerage firm ARA has brokered the sale of Lincoln Las Colinas, a 784-unit multifamily property in Irving. Constructed in two phases in 2010 and 2013, the community includes one- to three-bedroom apartments averaging 922 square feet, as well as a swimming pool, dog park, coffee bar, fitness center and clubhouse. The complex was 96.3 percent occupied at the time of the sale, which was the largest multifamily transaction in Texas history, according to ARA. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. marketed the property on behalf of the sellers, Lincoln Property Co. and Sarofim Realty Advisors. The asset was acquired by institutional investors advised by J.P. Morgan Asset Management.
ALPHARETTA, GA. — Cassidy Turley has brokered the $83.5 million sale of Somerby of Alpharetta, a 282-unit seniors housing community in Alpharetta, an affluent northern suburb of Atlanta. The facility is comprised of 16 independent living villas, 187 independent living apartments, 56 assisted living units and 23 memory care units. The property was built in 2008 and has maintained occupancy in the mid-90 percent range. Allen McMurty represented the seller in the transaction. The buyer was a publicly traded REIT.
PORT ST. LUCIE, FLA. — Greystone has provided $32.5 million in HUD financing for Kitterman Woods, a 396-unit apartment community in Port St. Lucie. The property features two swimming pools, a fitness center, tennis court, basketball court, volleyball court and pet-friendly amenities. Reuben Dolny of Greystone originated the 35-year, fully amortizing loan on behalf of the borrower, K&J Residential Group.